Capital & Regional PLC (LSE:CAL) has announced the appointment of Panico Theocharides as a non-executive director with effect from 22 February 2023, replacing George Muchanya as one of Growthpoint's nominees on the company's board.
The UK convenience and community-focused shopping centre real estate investment trust (REIT) noted that Theocharides, who recently joined Growthpoint as head of investments, has over 20 years' experience in the real estate investment industry, with much of this time focused on the Johannesburg Stock Exchange (JSE) Listed Real Estate sector.
For the last five years, Theocharides has worked as an independent property consultant. Prior to this he was head of property advisory, corporate finance at Investec in Johannesburg, South Africa, with overall responsibility for strategic direction and client relationships for the property advisory team within corporate finance.
Theocharides was the joint chief executive officer of Annuity Properties Limited which he helped found and subsequently list on the JSE, in May 2012, at which time it converted to a REIT. Following the listing, Theocharides led Annuity's growth strategy, building an attractive portfolio of A-Grade retail and commercial assets, from four properties valued at 486 mln rand at the time of listing to 20 properties valued in excess of R2bn within an 18-month period. In 2014, Annuity was successfully sold to Redefine Properties Limited.
Commenting on the appointment in a statement, David Hunter, chairman of Capital & Regional, said: "We welcome Panico Theocharides to our board. He brings a wealth of complementary experiences and his proven expertise in driving significant business growth will benefit Capital & Regional as we continue to implement our strategy in order to deliver value for our shareholders. I would also like to take this opportunity to thank George Muchanya for his invaluable contribution to the company over the last three years since his appointment alongside Growthpoint's investment."
Theocharides commented: "Capital & Regional's strategy of focusing on dominant urban community shopping centres positions it well to both meet the needs of the local neighbourhoods it serves and deliver returns for shareholders. I believe the company is well placed to continue to take advantage of changing retail habits and navigate the UK macro environment. I am therefore looking forward to joining the board of Capital & Regional and to working alongside the ambitious executive team to progress that strategy and drive shareholder returns."